Hi,
I have two separate questions in regard to HUF.
Firstly - I want to open a Bank account of my HUF. Can someone please guide me whether it has to be a Savings or Current account. Or is it at a customer's discreation - My transactions in HUF a/c is limited in a FY.
Secondly - I had a Bank account with a MNC bank where Karta and coparceners of the HUF were signing authorities. Now when i want to open a account with SBI its saying it can be only operated by Karta of the HUF and he will be the only signing authorities. I want Karta and all coparceners of the HUF to be able to sign.
Please share if you have any RBI circulars for the same.
Regards
Amit
CAclubindia
